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India obliges companies to disclose cryptocurrency assets

The Indian authorities have required cryptocurrency-related companies to disclose their assets. The relevant amendments to the legislation were made by the Ministry of Corporate Affairs.

According to the document, Indian public and private firms must report cryptocurrency transactions, volume, and advances or deposits “from any person.”

The amendments will enter into force in early April 2021.

In 2019, a working group under the Government of India concluded that there is “no value at all” at the heart of cryptocurrencies. The authorities were advised to ban all digital assets, except for tokens issued by the central bank.

According to a number of media outlets, the document banning cryptocurrency trading was submitted to the Council of Ministers of India in September 2020.

In February 2021, Bloomberg, citing a source in the Ministry of Finance, said that if a ban is imposed, asset holders will have three to six months to close positions.

In March, according to a senior official, it became known that India would consider a bill introducing criminal and administrative liability for miners and traders.

We will remind, the source of Business Today said that the authorities are considering blocking the IP addresses of cryptocurrency exchanges and companies associated with digital assets.

ScheduleIIIAmendmentRules_24032021 by ForkLog on Scribd

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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